The provision of hosted computing capabilities may involve operating a number of services on a distributed computing platform. The operation of these services may produce potentially large quantities of operational data that can, at times, be useful for gaining insight into the operating characteristics of the various services. In some cases, insight may be gained through examination of metric values that are indicative of the operating characteristics. Typically, these metric values may be coalesced or aggregated into forms that are useful for analysis. However, conventional approaches to metrics processing may be unwieldy when large quantities of data are involved.